Cable & Co. Worldwide Inc. Reports Year End Gains in Net Sales; A Decrease in Net Operating Loss.EDISON, NJ--(BUSINESS WIRE)--April 20, 1998-- Company Also Implements Cost Cutting Moves Designed To Improve Future Results Cable & Co. Worldwide Inc. (the "company") (OTC/BB:CCWW) announced today sales and income (loss) results for the year ended Dec. 31, 1997 and that it has implemented a cost cutting program designed to improve future results. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the year ended Dec. 31, 1997 increased to $13.9 million from $13.5 million for 1996. Net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the year ended Dec. 31, 1997 decreased to $2.5 million from $3.3 million in 1996, exclusive of non cash and non recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. items. Gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. for the year rose to 32.6 percent from 24.5 percent for last year. The company had a net loss for 1997 of $5,650,695 compared to $7,458,555 for 1996. Alan Kandall, president of the company, said, "We are generally pleased with the overall continuation of the improving trends in sales, gross margins and operating results. However, we have taken additional measures to hasten has·ten v. has·tened, has·ten·ing, has·tens v.intr. To move or act swiftly. v.tr. 1. To cause to hurry. 2. our drive to profitability. Our strategy is to achieve an increased sales volume with no increase in overhead. To accomplish this we have instituted a cost cutting program which includes a 12 percent reduction in staff, as well as other measures." He continued, "The effect of the program is already evident. Back orders for the 1998 fall season are up 28 percent and we have added over three hundred new retail outlets retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → to our fifteen hundred customer base. The initial reaction from retailers to our XBacco line has been very encouraging. The line has been placed with existing and new customers which sell into the much larger market which the lower priced XBacco targets. At the same time for 1998 we anticipate that sales, general & administrative expenses will be reduced to a historically low percentage of sales." Kandall concluded, "Actually, the results for this year would have been even better had we not lost a $2.2 million barter barter: see exchange. barter Direct exchange of goods or services without the use of money or any other intervening medium of exchange. Barter is conducted either according to established rates of exchange or by bargaining. sale which we had booked and previously included in our preliminary estimates of sales for the year." Cable & Co. Worldwide Inc. designs, manufactures, imports and markets an upscale range of men's footwear bearing the "CABLE & CO.", "BACCO BUCCI" and "XBacco" trademark. The company markets its products to approximately 1,800 department and specialty store Noun 1. specialty store - a store that sells only one kind of merchandise shop, store - a mercantile establishment for the retail sale of goods or services; "he bought it at a shop on Cape Cod" locations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . -0- This press release contains statements of a forward-looking nature relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future events. Shareholders are cautioned that such statements are predictions and that actual events or results may differ significantly. This release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Worldwide website at www.kcsa.com. -0-
Cable & Co. Worldwide Inc.
Selected Consolidated Financial Information
For the Year Ended
December 31,
1997 % 1996 %
Net Sales $ 13,878 $ 13,522
Gross Profit 4,530 32.6 3,311 24.5
Licensing Revenue 0 0
Operating Expenses 7,054 6,617
Loss from Operations (2,524) (3,306)
Non-cash Compensatory
Charges 1,660 2,811
Interest 724 578
Bridge Note Discount --- 738
Termination Agreements 683 ---
Income Taxes 59 30
Net Loss (5,650) (7,458)
Loss Per Share $(0.25) $(2.79)
Weighted Average
Shares
Outstanding 22,247,148 2,682,820
CONTACT: KCSA Bob Giordano/Joe Mansi 212/682-6300 ext. 289/205 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion